VisioLab, aiming to revolutionize the payment systems sector using artificial intelligence technologies, has secured $11 million in its latest funding round. This investment was led by a group of investors including eCAPITAL Entrepreneurial Partners and Simon Capital.
Innovative Self-Checkout Solutions
The Germany-based company plans to use the new funds to expand its AI-based self-checkout and payment platforms. Founded by Tim Niekamp and Justin Shenk, VisioLab offers modern payment solutions at food service points by accelerating the digitization process.
Thanks to the iPad-based systems developed by the company, customers can quickly pay for their products without scanning barcodes in areas such as restaurants, stadiums, and campuses. This technology can automatically recognize both packaged and loose foods using computer vision and edge AI methods, enabling real-time payment processing swiftly.
Goal: Simplifying Transactions
VisioLab's goal is to provide a faster and contactless solution compared to traditional cashier systems, reducing transaction times and minimizing the need for personnel in businesses. Additionally, it aims to enhance user experience, making shopping processes smoother.